Inflation relief checks by state: summary news 29 November
Inflation Relief in the US: Latest Updates
Headlines: Tuesday, 29 November 2022
- GOP leaders believe that a bill mandating railway carriers to provide seven days of paid sick leave will pass tomorrow - averting a strike and delivering a win for workers.
- California residents continues to receive Middle-Class Tax Refunds
- Some residents in South Caroline and Virginia may be eligible for tax relief
- Social Security beneficiaries will soon see an 8.7 percent bump in their benefit amount
- Inflation is likely to leave consumers spending more but taking few gifts this year: what is driving price increase?
- Trucking companies struggle to attract and retain workers as wages continue to fall
-Can you receive two Social Security checks in the same month?
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Every month, the Social Security Administration (SSA) issues millions of payments to all beneficiaries for various programs offered by the agency.
Delivery dates come on a Wednesday though which Wednesday depends on the date of birth of the beneficiary. Those born between the 1st and 10th receive the check on the second Wednesday of the month, while those with dates of birth between the 11th and 20th receive it on the third Wednesday, and those from 21 to 31 receive theirs on the last Wednesday of the month.
Just a few more payments will be made by the Social Security Adminstration this year. Some will receive their benefits from the 8.7 percent COLA applied... are you one of them? Find out by reading our full coverage.
Congress is likely to vote tomorrow on a bill that would force railroad workers to accept the Tentative Agreement reached between company executives and unions earlier this fall. This comes as two of the three largest unions in the country have voted down the measure, providing them with the right to strike.
Speaker Pelosi has also said that the House of Representatives will vote on a bill that would mandate carriers provide workers with at least seven sick days a year. For more details on the White House and Congress' plan, as well as the response from the White House, check out our full coverage.
Ride-hailing services, either to ferry people from point A to B or deliver goods to people where they are, can be essential for those who don’t have the means to get around on their own. The amount you can make as a driver depends on which type you are and in which part of the US you work.
Here we’ll take a look at what you can expect to earn based on the available data.
How many payments for the Middle Class Tax Refund have been paid?
As the Golden State experienced a second historic budget surplus, some of the revenue will be returned to taxpayers in an effort to help them combat inflation.
How many Middle-Class Tax Refunds have been sent?
The California Franchise Tax Board is making payments through direct deposit as well as sending debit cards to those whose banking information has not been obtained by the state.
So far, 6,955,276 direct deposit payments have been made, with an additional 3,592,026 debit cards mailed. Over $5.7 billion have been received by households across the state, benefiting an estimated 19.1 million people.
How many more payments need to be made?
The state does not plan to make any additional direct deposits but will continue to send pre-paid cards through the mail until at least mid-January.
The next batch of refunds will be sent to residents who received a Golden State Stimulus Check last year and whose last name begins with the letters W-Z. Those payments will be sent on 4 December and could take up to a week to land in the correct mailbox.
Home prices decline for third straight month
Higher mortgage rates on top of home prices that had been climbing until June have pushed many would be homebuyers out of the market until things cool down. This trend continued in September, becoming the third straight month to see a decline in home prices registering 0.8 percent. The year-on-year increase dropped to 10.6 percent down from 12.9 percent in August.
Another cryptocurrency firm, BlockFi, files for bankruptcy amidt fallout from FTX collapse
The crypto winter has claimed another cryptocurrency lender. BlockFi was substantially exposed to the failed cyrptocurrency exchange FTX. The collapse of FTX earlier this month created a liquidity crisis forcing BlockFi to apply for Chapter 11 protection.
President Biden has asked Congress to intervene and prevent a potential railroad strike before the 9 December deadline. For months business leaders and union heads have been in negotiations to improve pay and scheduling procedures for railroad workers.
However those talks stalled and both sides agreed to a cooling-off period, which ends next week. If a deal cannot be found before Friday, 9 December a hugely damaging freight train strike could begin.
“Let me be clear: a rail shutdown would devastate our economy,” Biden said in a statement. “Without freight rail, many US industries would shut down.”
But what are the strikers hoping to achieve from the action?
Inflation could continue to affect healthcare costs
Inflation, broadly, is falling in the United States as the economy cools after a rampant year. Prices have soared during 2022 and left typical wages far behind, making the average American poorer in real terms. One of the factors still affected by inflation, however, is healthcare which could well continue to rise in the coming months.
This report from USA Today explains all...
Gas falls to pre-invasion level
The price of gasoline in the United States has been one of the most visible factors contributing to inflation during 2022. Sanctions imposed on Russia for the invasion of Ukraine placed a squeeze on the global supply of fuel and the price rose sharply. Back in June the price of gas hit an all-time high in the US, but nearly six months on the price has fallen to pre-invasion levels.
When are the next California inflation payments going out?
The state of California has sanctioned a round of one-off relief payments to help residents afford the rapid price rises felt during 2022. The Middle Class Tax Refund was approved back in August and around 17 million people have now received the support.
However the program is so vast that there are millions more who are still waisting for a payment. Here's what you need to know about the California inflation payment distribution process...
Oil companies profit during period of inflation
The exact causes of the rise in prices during 2022 are hotly contested, but few deny that some major companies have taken advantage of the uncertainty to boost their profits. The likes of ExxonMobil, Chevron and Shell have all enjoyed boosted profits this year, at a time when the price of gasoline in the United States reached record heights. This has fueled calls for a windfall profits tax to push providers to keep the prices low.
House prices rose by 45% between January 2020 and June 2022, that’s 15% more than the run up to the last housing market bubble. But does this mean that a 2008-style housing market crash is on the cards?
Not neccessarily. We take a look at what experts are saying for the US housing market after a chaotic 2022.
Both Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) can be collected by the same person. For claimants, there are no rules in place to prevent them from receiving both parts of benefit support.
However, receiving both payments could take you over the income threshold for SSI payments as SSDI payments are included in counting towards the eligibility for the former. Here's what you need to know about Social Security eligibility...
New York Fed gives inflation prediction
What next for inflation in the United States? It has been one of the key forces in American life throughout 2022, hurting consumers' purchasing power and threatening to disrupt the country's post-pandemic recovery. John Williams, head of the Federal Reserve in New York, believes inflation will continue to fall in the new year, but warns that a declining rate could spell further troubles in the future.
Black Friday sales hit record highs
For the first time in the United States, online sales on Black Friday hit $9 billion as consumers looked for savings ahead of the holiday season. Shopping trends over the long weekend - from Black Friday to Cyber Monday - were expected to be a significant bell-weather for consumer trends for the remainder of 2022.
When will inflation cool in the United States?
Everyone's eager to know how long high inflation will remain a factor in the US. St. Louis Federal Reserve President James Bullard said that he believed the central bank would likely keep interest rates in the region of 5-7% "during 2023 and into 2024."
Bullard added, however, that positive job market trends meant that the bank was freer to act decisively to tackle inflation: “The fact that the labor market is so strong gives us license to pursue our disinflationary strategy now and try to get the inflation under control now."
To help residents deal with the rapid rate of price increases in 2022 the state of California authorised a massive wave of relief payments. The inflation relief payments, which range from $200 to $1,050, are being sent as either direct deposit or debit card.
The California Franchise Tax Board (CFTB) has already sent payments for the Middle Class Tax Refund to over 17 million Californians, but there are more on their way. Here's when you can expected the upcoming checks...
Inflation is decreasing, but consumer prices remain almost eight percent higher than they were a year ago. For many families, this news is troubling as the holiday season approaches, and many evaluate their travel and gift-buying plans in the coming weeks.
The current inflationary crisis is not only being felt in the United States and is the consequence of global pressures. We take a look at the main factors pushes up prices around the world.
White House hopes to boost US manufacturing
During the past two years we have seen the problems caused by the United States reliance on certain countries to produce vital goods. Russia's control of oil and gas reserves has pushed up inflation in 2022 and China is a dominant producer of semi-conductor chips, the type used in huge numbers of modern electrical devices.
The White House has been eager to promote American self-reliance and the CHIPS and Science Act should provoke greater industry in the US.
Watch out for scammers targetting inflation payments
California has authorised the largest program of state-wide inflation relief checks for residents, with some 22 million Californians expected to receive one-off payments worth up to $1,050. However with such a vast program, there will unfortunately be some unscruplous forces hoping to take advantage.
Rob Bonta, the state's Attorney General, has warned recipients to watch out for scammers after the Middle Class Tax Refund. Here's what you need to know...
Unemployment could rise after Fed Reserve involvement
In October, many economists were surprised when the economy added more jobs than many had projected. While unemployment increased last month, the job market maintained a strong position for workers, with the number of job openings far and above the number of unemployed people looking for their next gig.
Later this week, we will learn about October's layoff versus quit rates, which could outline significant data about the future of the American economy.
The Federal Reserve believes that by increasing interest rates, the national unemployment rate will increase, cooling demand as incomes take a dramatic fall. It is a brutal way to manage the economy that can have devastating outcomes for families who may not be able to make ends meet on unemployment insurance or government benefits. The Central Bank has released new projections that show that in quarter four of 2023, job growth will fall into the negative category, which could provoke a major recession if consumer spending is impacted at a massive scale.
How will inflation affect holiday shopping season?
Black Friday, the day after Thanksgiving, usually marks the beginning of the Christmas shopping period that is vital to support shops and businesses across the country. However with inflation continuing to run high and economic instability hitting the pockets of Americans, this year's sales events hold even greater significance.
This report from CBS News eplores how inflationary pressures have affected Black Friday and Cyber Monday...
What student loan support is available at the moment?
While the Limited Public Service Loan Forgiveness (PSLF) announced by the Biden administration expired 31 October, many of the benefits were made permanent. These will take effect 1 July 2023.
The PSLF program should not be confused with the one-time loan forgiveness progam that was announced in August and briefly went live in October. That program, which would cancel up to $20,000 in student loan debt, has been put on hold while court challenges are address.
The PSLF is available to people who work in public service in federal, state, tribal, or local government, or for a non-profit organization. Before applying though, the Departement of Education recommends checking out the changes to find out if you are eligible.
Inflation pushes up the price of air travel
For those looking to do some holiday travel, higher airfare tickets may be a barrier. Compared to last year, prices are up 14.6 percent, driven at least in part by higher fuel costs. As crude oil prices rise, jet fuel refiners increase their prices and pass those costs along to airline companies, which are then passed to consumers.
The ideal time to buy a flight is around fifty days before the departure date, meaning that those who are looking to go somewhere over Christmas or New Years, should get their tickets ASAP.